This guide on new tds payment codes explains the key points in plain language. Use the contents list below to jump to the section you need, and confirm the details on the official source listed at the end before you act. Table of Contents NEW TDS Payment Codes – Section Wise Commission & Brokerage Rent
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This guide on tax exemption vs tax explains the key points in plain language. Use the contents list below to jump to the section you need, and confirm the details on the official source listed at the end before you act. Table of Contents Tax planning is a crucial aspect of personal finance management, helping
Understanding Tax Exemption vs. Tax Deduction in India Read More »
This guide on pan card explains the key points in plain language. Use the contents list below to jump to the section you need, and confirm the details on the official source listed at the end before you act. Table of Contents Features of PAN Card: Benefits of PAN Card: A PAN (Permanent Account Number)
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BACKGROUND Finance minister Nirmala Sitharaman introduced Section 80EEA in the 2019 Union Budget to give a boost to the Centre’s Pradhan Mantri Awas Yojana (PMAY) and further boost real estate sector. The Section 80EEA deduction is over and above the Rs 2 lakh deduction limit allowed under existing provisions of Section 24 (b). WHO IS
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INTRODUCTION OF SECTION 43B Finance Act 2023, introduced a major amendment in Section 43B of the Income Tax Act, 1961 by adding sub-clause (H) to it. Section 43B deals with allowabilty of certain deductions on actual payment basis. As per Section 43B exepnses are allowed to deducted from Income from Business and Profession based on
Section 43B(h): Disallowance on non-payment/delay in payment to MSME Creditors Read More »
This guide on section 80g – save explains the key points in plain language. Use the contents list below to jump to the section you need, and confirm the details on the official source listed at the end before you act. Table of Contents Frequently asked questions What is Section 80G? Section 80G of the
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Education is the cornerstone of personal and societal development. Recognizing the importance of higher education, the Indian government has introduced various measures to facilitate access to quality education. One such initiative is the provision of tax benefits under Section 80E of the Income Tax Act, 1961, which allows individuals to claim deductions on the interest
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Filing your Income Tax Return (ITR) is not just a legal obligation; it’s a crucial financial responsibility. Neglecting this duty can have far-reaching consequences that extend beyond the immediate repercussions. Let’s have look on consequences of not filing your ITR. Penalties & Late Fees: Penalty under section 235F will be levied upto Rs. 5000/- for
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Interest earned by Senior Citizens on Deposits is Taxable subject to deduction under section 80TTB. What is Section 80TTB?Section 80TTB of the Income Tax Act 1961 provides a deduction in respect of interest earned on Specified Deposit to Senior Citizens and Super Senior Citizens. Who is eligible to Claim Deduction under section 80TTA?Deduction under section
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Interest earned on Saving Bank Account is Taxable subject to deduction under section 80TTA. What is Section 80TTA?Section 80TTA of the Income Tax Act 1961 provides a deduction in respect of interest earned on savings account. Who is eligible to Claim Deduction under section 80TTA?Deduction under section 80TTA is available only to Individual and HUFs
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